This week the Globe and Mail launched a special series on ‘Gen Y Money‘, and the trends that Generation Y is facing with their finances. Generation Y, also known as millennials, are those aged 15-33, and those who took part in this survey and special series were questioned on their financial reality. There were three major trends that stood out about the reality of Generation Y’s saving (or lack thereof):
In looking at these results, it seems that the first and last point could be connected: if Generation Y isn’t working within their career, they may not be in a position to save for a downpayment on their own. Is this trend because this age bracket is still in school, having trouble finding good work? Our economy and job market is outperforming the rest of the country, so what is the real reason?
The fact that over 60% of respondents are not yet saving for a home is concerning. In seeing a lot of Twitter responses to these articles on Globe and Mail, it seems many millennials are frustrated with the lack of affordability in the housing market. In reality, there are a lot of affordable options for first-time homebuyers, including: tax refunds, homeownership programs, downpayment help and more and more interest rates dipping below 3%.
If you have questions and/or comments about these results please reach out online, or Tweet me. If you want to learn more about how first-time homebuyers can actually afford to purchase a home, contact me.
